U.S. equities saw a rise today leading into and following the Fed’s decision to exhibit patience for “considerable time” around raising rates for the first time since 2006. As of midday, the S&P 500 had rallied the most since October of this year. Ultimately, stocks had the best day of 2014 with the S&P 500 posting a gain of 2.04% to 2,013.
Daily Positive: Another Canadian company began trading, PharmaCan (TSXV: MJN.V). This is an interesting company, as they are a fund with wholly owned subsidiaries and stakes in Canadian Licensed Producers. We are waiting to learn if or when there will be a dual listing on the OTC.
Daily Negative: We understand how exhausted and disenchanted cannabis investors must feel this year. See below for some uplifting thoughts.
It is inspiring to think about the Fed’s notion of having patience for considerable time. We know that this industry is very much in its infancy and with anything that is starting out, patience and passion are required. We sometimes get bogged down in the day-to-day, week-to-week fluctuations of the market and at times it seems to be without any clear reason or rationale.
Patience is about being present in order to navigate the now to get deftly to the future.
We are always thinking about the future or the big picture for the cannabis industry, but it is still important to be present with the here and now when serving investors. We hope that the public companies who are worthwhile will take the same approach. They can do this by focusing on building their companies, but also by keeping in touch with the market on their progress (when material and appropriate).
For investors, it is a tough time and patience is key. If you have selected something that is meant to be a bigger picture play and you’re not getting swept up in the pump and dump action, then you might take solace in the patience and it might require considerable time to see results.